The acquired business insures race teams, racetracks, sanctioning bodies, associations, road courses, and motorsports special events and activities and is expected to generate an underlying profit (EBIT) of US$600,000.

Jerid Schmickle has joined the firm as President of the newly created International and Motorsports division.

“Motorsports entertainment has long held a place in the heart of world-wide fans. This acquisition is a complementary addition to an already broad offering of entertainment related insurance products." said Marc Idelson, Reel Media’s chief executive.

FFI is already the world’s leading issuer of completion contracts for the film industry. These essentially provide backers with guarantee that a film will be made.

Last month, the company warned revenues in the current trading period would be affected by the fall-out from the Harvey Weinstein scandal, which had resulted in a number of projects being unexpectedly cancelled.

FFI is the world leader in the provision of completion contracts to the entertainment industry for films, television, mini-series and streaming product. FFI was founded in London in 1950 and is now headquartered in Los Angeles in the USA, with 11 offices...

FFI is the world leader in the provision of completion contracts to the entertainment industry for films, television, mini-series and streaming product. FFI was founded in London in 1950 and is now headquartered in Los Angeles in the USA, with 11 offices globally including in London, Stockholm, Toronto, New York, Johannesburg, Cologne and Shanghai. Over the last 67 years, FFI has provided the financiers of film and television productions with contracts that such productions will be completed on time, on budget and to a basic pre-agreed specification.